VAL-D’OR, Quebec, April 09, 2018 (GLOBE NEWSWIRE) — Metanor Resources Inc. (“Metanor”) (TSX-V:MTO) is pleased to announce that the ongoing underground development at level 11 of the Bachelor mine has successfully reached the two known Moroy veins, while returning significant intercepts such as 50.9 g/t Au over 4.8 metres, and 5.6 g/t Au over 4.4 metres, and extending the continuity of the structures in all directions.
These ongoing results continue to confirm the Company’s theory that there is a parallel system at depth, and helps our team to better understand the system.
Greg Gibson, Chairman, and Interim CEO stated: “Reaching the Moroy zones is an important milestone in our rebuilding strategy. With this new development, we will be able to significantly increase our production profile. Coupled with the initiation of the Barry decline, we now move toward our mill expansion project, which is the only permitted and operating facility in the extremely prospective Urban Barry camp.”
The drill hole results to date in the Moroy sector are presented in the table below:
|Hole #||From (m)||To (m)||*Length ( m)||Grade Au(g/t) uncapped||Sector|
|MY18-027||Pending assay results|
|MY18-029||Pending assay results|
The exploration drilling at Moroy will continue with two drill rigs from the existing drill bays on level 11 with a focus to define the extension of Moroy at depth and along strike.
Plan view of level 11 is available at http://resource.globenewswire.com/Resource/Download/06ba65cd-f8b4-4a24-9bd4-78d0e213e755
Longitudinal view of Moroy is available at http://resource.globenewswire.com/Resource/Download/9fec704f-9cf3-4875-85e5-b60f0ee28212
Quality Control and Reporting Protocols
Metanor estimates that the mineralized intercepts true thicknesses are 70% to 90% of the drill core intercepts reported in the Moroy veins. Grades were uncapped at Moroy. The Company employs a rigorous, industry-standard, QA/QC program. The samples were assayed by fire-assay at the Metanor assay lab. Blanks, duplicates and certified reference standards are inserted into the sample stream to monitor laboratory performance. The quality control program of the assay results (QA/QC) adopted by Metanor includes a minimum of 10% of controlled assays being conducted as well as verification by an independent ALS-certified assay laboratory in Val-d’Or, Québec. Results of the spot checks were consistent with those reported.
The Bachelor mine extracts gold from a series of sub-vertical narrow veins using an underground long-hole mining method with access through conventional track drifts from a vertical shaft, and the new sector below level 14 is accessed from a ramp system. The ore is processed on site in a mill using carbon in pulp to separate the gold from the ore. All the lodging facilities are on site, connected to the power grid, and accessible from a paved highway.
Pascal Hamelin, P. Eng., President and COO, is the Qualified Person under NI 43-101, responsible for reviewing and approving the technical information contained in this news release.
Cautionary and Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”.
The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. All statements in this discussion, other than those of historical fact, that address future exploration drilling, exploration activities and projected exploration, including costs and other estimates upon which such projections are based, and events or developments that the company expects, are considered forward-looking statements. Although the Company believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.